Head of Private Wealth gone.... We are cutting thru execs like a warm kn––e through butter
8 replies (most recent on top)
@1dsz. You need to come up with a new shtick. That one is getting old and regurgitating the diarrhea coming from Charlie’s mouth doesn’t impress anyone on a layoff site.
A couple months ago, I was the writer that said Abbott Downing would be the next to be sold. Well I was kind of right and kind of wrong, but right about it going away. Next domino to fall is the elimination of the "A" in WFA. People there will simply be saying they are "financial advisors at Wells Fargo." That way, those client will belong more and more to the bank, with these advisors essentially looking like they work for Wells as oppose to being independent. The bank also wants the clients to identify with Wells Fargo managing their money as oppose to the advisors. Then after this happens, Wells Fargo Private Bank would simply all merge with Wells Fargo, wealth management division.
WFC will ultimately abandon the "Line of Business" framework and everything will be dumbed down and simply be separated by different divisions of the bank or different departments.
There are plenty more to cut because all across Wells Fargo is overstaffed people in duplicate , redundant and administrative managerial positions but they litigate about every trivial thing for what ends nothing accomplished in Wells Fargo organization. Does anyone understand it's our great unity in order to save Wells Fargo ?
She was in WAY over her head. Clueless on how to run the organization.
Private wealth is an absolute disaster. Wells appears to have abandoned it at this point because they simply couldn’t understand how to make it work. Believe the plan is for it to just all fold into brokerage/Wells Fargo advisors. It’s hard to imagine why anyone with that kind of personal wealth would be with wfc when there are so many other true private bank options anyway.
JW? Jon Weiss?
Hey, at least everyone faces the axe, not just us underlings.
When Hays took over everything the writing was on the wall. No need to pay exec level comp for client experience